How do you make the distinction on what you can claim for on capital allowances? How would you deal with this hypothetical scenario...
Renting a house out and plan is not to rent it permanently - claimed for wear and tear on furniture etc. but the laminate floor in the house also will deteriorate over this time. Can this be included in the capital allowance? I think if the house was rented permanently then when it came to changing the floor it would be put down as an repair expense but if the house is not rented out permanently how does one claim for wear and tear on this? Similarly things like door handles and curtains/blinds.
I did read this on this website as a quote from the revenue website -
Fixtures
4. Fixtures are goods which have become attached to buildings in such a way that they cannot be removed without substantial damage being caused to the goods themselves or to the building to which they are attached. In the case of houses, fixtures could, as a general rule, be said to include the basic structural items normally to be found in a new, unfurnished, standard house. Fixtures would not however include carpets and other floor coverings, cookers, hobs, gas and electric fires and the like.
Fittings
6. As distinct from fixtures, fittings are goods which, though often attached to buildings, can be removed without substantial damage being caused to the goods themselves or to the building to which they are attached.
Then looking at the revenue website myself I read:
"Wear and Tear
Wear and tear allowances are available in respect of capital expenditure incurred on fixtures and fittings (for example, furniture, kitchen appliances, etc) "
I have to say that the first definition is still a little bury and before reading it I thought that cooker hobs could be claimed under capital allowances! It all seems like a fairly grey area!!! If i can't claim for hob and the like on capital allowances how is wear and tear covered for those objects???
Thanks
Renting a house out and plan is not to rent it permanently - claimed for wear and tear on furniture etc. but the laminate floor in the house also will deteriorate over this time. Can this be included in the capital allowance? I think if the house was rented permanently then when it came to changing the floor it would be put down as an repair expense but if the house is not rented out permanently how does one claim for wear and tear on this? Similarly things like door handles and curtains/blinds.
I did read this on this website as a quote from the revenue website -
Fixtures
4. Fixtures are goods which have become attached to buildings in such a way that they cannot be removed without substantial damage being caused to the goods themselves or to the building to which they are attached. In the case of houses, fixtures could, as a general rule, be said to include the basic structural items normally to be found in a new, unfurnished, standard house. Fixtures would not however include carpets and other floor coverings, cookers, hobs, gas and electric fires and the like.
Fittings
6. As distinct from fixtures, fittings are goods which, though often attached to buildings, can be removed without substantial damage being caused to the goods themselves or to the building to which they are attached.
Then looking at the revenue website myself I read:
"Wear and Tear
Wear and tear allowances are available in respect of capital expenditure incurred on fixtures and fittings (for example, furniture, kitchen appliances, etc) "
I have to say that the first definition is still a little bury and before reading it I thought that cooker hobs could be claimed under capital allowances! It all seems like a fairly grey area!!! If i can't claim for hob and the like on capital allowances how is wear and tear covered for those objects???
Thanks